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Credit CARD Act of 2009: Implementation Guidelines

June 08, 2009

By Stanton Koppel, Nicole Ibbotson and Helen Lee

On May 22, 2009, President Obama signed into law the Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009 (the Credit CARD Act or Act). The Presidents signing of the Credit CARD Act represents the culmination of a long process of negotiations between consumer groups, credit card companies, politicians and other interested parties. Further, the Acts enactment provides more clarity where there was uncertainty regarding the applicability of certain regulations that cover many of the same credit card practices, including their respective 2010 implementation deadlines, that were issued by federal banking agencies in December 2008.